Wealth accumulation - Debts and diversification
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Financial literacy #5: Debts and diversification
3 weekly tips to help you plan for the future
22 Feb 2024
1. Unexpected windfall? Be wise
Unexpected money, like tax returns or bonuses, might tempt you to splurge. But consider this: using it to pay off debt or investing it can be even more rewarding in the long term. Windfalls can be opportunities for financial growth…or just another pool of money to blow through. Choose wisely!
2. Dealing with debt with the Avalanche Method
Tackle your debts smartly with the avalanche method. Focus on paying off debts with the highest interest rates first. This method saves you money on interest and speeds up your debt-free journey.
3. Defend against the worst with diversification
One stock in your portfolio? That’s way too risky. Diversify your investments across companies and asset classes to reduce risk. That way, you can weather the worst financial storms with confidence.
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